If you are in the process of developing your own startup, or looking to expand an existing one, then one of the main things you should be looking to develop your brand identity.
Building a brand for your business is crucially important for a number of reasons, all of which will serve your business for many months and years to follow. You will hear many different terms bounded about, so knowing what to focus on is paramount.
One of the most important things from the outset for your brand however, is its brand identity and understanding the benefits you gain by creating a strong brand for your company moving forward (source: Brandnation).
Brand Identity Explained
Brand identity is all about how you want your underlying brand and business to look to the outside world: namely your customers. But what falls into the brand identity category? It could be any of the following:
- The company’s name
- The company logo design
- The graphics you use online
- The colours, shapes used online
- The type of product you sell
- Tone of voice
Strong Branding Makes Your Business Stand Out
One of the biggest benefits of making sure you develop brand identity for your brand and wider business is that it helps to make your company stand out from the crowd and any potentially similar brands and this is of huge importance when it comes to the longevity of your business.
Creating a strong brand identity makes sense for a number of reasons: after all, think about some of the most successful companies you know, and think about what makes them instantly recognisable: it is likely to be to do with having created a strong branding.
It Can Help Build a Price-Premium
If you build a strong brand, it will create a strong brand image that may well enable you to command a higher price for the product or services you are selling. For example, if you are building a chain of nurseries, building a trustworthy and reliable brand image will likely lead to increased numbers of parents showing interest (source: Keren’s Nursery).
Building Brand Loyalty
Another huge benefit of taking the time to develop your brand is that it will build brand recognition, which will increase the chance of customers coming back to purchase more from your business. What’s more, if your customers have a positive experience of your brand, they will be much more likely to recommend your company to others: building your sphere of influence, which is what you need for company growth.
If you decide to take the time to create your company branding, which can be achieved in a variety of ways (for example not only the company design on logos or on the website but also through providing excellent customer service) it will help to build the image of a company that is established and experienced.
This is likely to work well for you in the long run, as if your company is considered to be established by the public, it will then also have an impact on its perceived reliability, which could help to develop overall business revenue. After all, if a customer has a choice between purchasing similar products from an established or re-established brand, there is a greater chance of them choosing the former.
Strong Branding Can Facilitate Growth
Creating a strong brand identity can also help you with your overall perception from not only customers but other larger organisations too: which could help you with things such as potential collaborations and PR campaigns down the line.
It may also have an impact on your ability to receive funding in the future. As you may have already experienced, trying to get business funding is not always the easiest of things to achieve. However, by developing your brand identity, it may give you a stronger chance of getting funding through a business lender.
It can help to make you stand out from other small startups, by showing that you are a company that takes things seriously and can be invested in. As a result, a strong brand essentially makes it a lot easier for you and your team members to develop your firm into the exact shape you would like it to ultimately be.